Part 2A.
93 words·~1 min read·
/nc/chapter-37a/2aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Part 2A. Express Total Return Unitrusts.
§ 37A-1-104.21. Definitions.
(a)An "express total return unitrust" means a trust that has a governing instrument requiring the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than three percent (3%) nor more than five percent (5%) per year of the net fair market value of the trust's assets, valued at least annually.
(b)"Code" means the Internal Revenue Code as described in G.S. 37A-1-104.1(1).
(c)"Treasury regulations" means the treasury regulations described in G.S. 37A-1-104.1(9a). (2005-244, s. 6.)